Luxury Plagiarism solved by 2Transfair — Blockchain Solution

The luxury fashion industry is one of the most representative and dynamic with an estimate value of $ 2.4 trillion [1], but with copying and plagiarism levels that leave losses for more than USD $ 512 billions in the world and losses between $ 200 and $ 250 billion only in the United States, according to the World Customs Organization and the International Chamber of Commerce [2].

For many years there has been an attempt to stop piracy of luxury products in the fashion industry with different types of technologies, like are RFID, QR, among others, with unsatisfactory results, impacting this industry without preventing billions of dollars in losses.

Luxury brands can now generate their own tokens in 2Transfair,Luxury Blockchain to protect and guarantee authenticity of their items and manufacturing process.

HOW TO FIGHT THIS PROBLEM WITH BLOCKCHAIN

Blockchain is a decentralized transaction book record made up of many nodes or independent computers in which each of the transactions made in the network are stored, and where to add a new record requires the authorization of several of its nodes, achieving that every record stored in the network is incorruptible, unmanageable and unmodifiable; In short, it is a transactional network that provides transparency, security, trust and guarantees that the information is authentic.

Following the philosophy that we have in 2Transfair, to combat the biggest problems in different industries and sectors of the economy, we study very closely the luxury fashion industry, by conducting research, concept testing, prototyping and application development and services around blockchain technology to combat the copying and plagiarism of luxury, in order to provide society with tools that allow them to validate the authenticity of each individual luxury product, which returns on more confidence and appreciated value in the purchasing processes.

BENEFITS ACHIEVED WITH THE SOLUTION IN BLOCKCHAIN TECHNOLOGY

2Transfair, through a blockchain based Ethereum technology solution and intelligent contracts (smart contracts) for the luxury fashion industry, has taken major steps to combat plagiarism on luxury brands, by contributing the following benefits:

Company identity: Allows the creation of unique and verifiable identities in the Blockchain for manufacturing luxury items.

Product identity: Allows each unique item or product to create a unique representation of itself for lifelong and incorruptible identity stored in the Ethereum blockchain.

Token or verifiable certificate: Each luxury item may be associated with a token or certificate that customers can verify at any time its authenticity of the products.

KNOW YOUR CUSTOMERS

Around the luxury products industry, products are moved from hand to hand in an informal buying and selling market, and our solution provides additional values such as:

Meet 2nd hand customers who love the brand but who have never directly purchased luxury products.